General Mills Lifts Profit View On Cost Cuts, Price Hikes
General Mills' quarterly profit beat Wall Street estimates, and the Cheerios cereal-maker raised its full-year forecast, benefitting from its efforts to cut costs and raise prices, sending its shares up by 6% on Wednesday.
Consumer goods companies like General Mills have been raising product prices to make up for rising commodities and transportation costs.
"Our year-to-date performance and fourth-quarter plans give us confidence that we will meet or exceed all of our key fiscal 2019 targets," CEO Jeff Harmening said in a statement.
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